Petroleum Africa
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Wednesday, February 4, 2015
SacOil Holdings, in a recent statement, said it may exit Nigeria. The company said there is a possibility that it could cancel the agreement to complete the appraisal on a prospective oil asset and could potentially exit other assets across Africa due to the falling price of oil.
In August SacOil acquired 20% interest in a prospective Nigerian oil license, and later said in November it had completed research of the site. In a February 2 cautionary announcement the company said, “As yet, no transaction has been formalized and there can be no guarantee as to the terms or conditions attached to any cancellation of this asset.”
SacOil’s statement also related that it would also make a decision on whether to continue exploration on similar assets in Malawi, Mozambique and the Democratic Republic of Congo as the price of oil dips to six-year-lows on oversupply concerns.
The company also holds an asset in Egypt, the Lagia oil field, where it recently completedPhase 1 development operations.
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